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Stock Downgrades: Smucker Is in a Real Jam

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Wall Street ratings agencies set the tone for today's stock market.

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MINYANVILLE ORIGINAL Mary Schapiro, whose SEC perused porn while our economy imploded, announced her resignation as chairman of the organization. Porn has proved plenty profitable for Hugh Hefner, who will soon hear wedding bells aged 86. Hopefully he will buy his 26-year-old bride-to-be an expensive item from Tiffany (TIF), which can certainly use the business after last week's 7.6% slide. Also down in an otherwise up week was Herbalife (HLF), which slumped 7.34% even as the departing David Beckham provided it with priceless publicity. Becks arrived on our shores in mid-July 2007, just when the initial and, at the time, largely ignored calamity was about to befall Bear Stearns. The following March JPMorgan (JPM) bought the beleaguered financial firm for less than Becks' quarter-billion dollar deal, provoking much mirth. The soccer superstar leaves after winning back-to-back titles and putting his sport on the map in this country. Meanwhile Morgan stock, which traded at $40.31 on the day of its Bear buyout, closed Friday at $41.08, for a gain of $0.77 almost half a decade on. Who's laughing now?

Today in economics, October construction spending and the Institute for Supply Management's November manufacturing survey are each out at 10:00 a.m. Eastern. In earnings action, Geospace Technologies Corporation (GEOS), Korn/Ferry International (KFY), and The Pep Boys – Manny, Moe & Jack (PBY) are all expected to report results.

Banco Santander Brasil (BSBR): Credit Suisse cuts the company to Underperform from Perform.

Bankrate (RATE): RATE is reduced to Hold from Buy at Canaccord Genuity.

CF Industries (CF): The fertilizer firm is now Neutral from Overweight at Piper Jaffray, which has renewed cyclical peak earnings concern. The price objective is also reduced, to $227 from $250.

Cinema Stocks: Citing valuation concerns, JPMorgan cuts both Cinemark Holdings (CNK) and Regal Entertainment (RGC) to Neutral from Overweight with respective price objectives of $30 and $17.

DreamWorks Animation (DWA): DWA is slashed Sell from Hold at Stifel Nicolaus, which cites disappointing box office results for Rise of the Guardians.

Edison International (EIX): The electric utility is moved to Market Perform from Outperform by Sanford Bernstein.

Emulex (ELX): Shares are now Sell from Neutral at Goldman Sachs.

Janus Capital (JNS): Citing further outflows, top-line pressure and negative performance fees, Goldman Sachs slashes the stock to Sell from Neutral and takes its target to $7 from $8.

Oil Stocks: Occidental Petroleum (OXY) and Royal Dutch Shell (RDS.A) each get Hold-from-Buy downgrades at Deutsche Bank, whose concerns include rising capital expenditure and weaker than expected US volumes.

J.M. Smucker (NYSE:SJM): The peanut butter powerhouse gets downgraded to Equal Weight from Overweight at Stephens due to valuation issues. Its price objective is $88.

Research In Motion (RIMM): The recently surging stock is off ahead of the open after getting slashed to Sell from Hold at Canaccord Genuity, which doubts the new BlackBerry 10 can turn its long-term business trends around. The new target is $10.

Teva Pharmaceuticals (TEVA): TEVA is taken to Neutral from Buy at UBS.

(See also: Stock Upgrades: Dell Back From the Dead? and New Stock Coverage: AT&T Not Making Money Talk.)
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No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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